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Max Levchin, co-founder of PayPal, has revealed that he is a big fan of blockchain technology, but is still making up his mind on bitcoin.

Speaking to CNBC during a Breakthrough Prize award ceremony in Silicon Valley on Sunday, Levchin said that blockchain will find use cases across different industries, is a "brilliant mathematical idea" and "interesting commodity to speculate on."

However, on the cryptocurrency, he said:

"It's not clear to me whether bitcoin itself is the great long-term investment."

It's yet to be seen whether bitcoin is a currency "or just a way to make money fast," he added.

Levchin's stance on bitcoin is notably different that of fellow PayPal co-founder Peter Thiel, who told CNBC in October that he believes bitcoin has a promising future, though he was skeptical of most other cryptocurrencies.

"It's like a reserve form of money, it's like gold, and it's just a store of value. You don't need to use it to make payments," he said at the time.

Those who are criticizing the cryptocurrency are "underestimating" it, Thiel argued.